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Poniard Pharmaceuticals Reports Fourth Quarter and Year End 2008 Financial Results and Provides a Corporate Update
Date:3/16/2009

$49.1 million) for the year ended December 31, 2008, compared with a net loss of $32.8 million ($1.08 diluted loss per share on a loss applicable to common shares of $33.3 million) for the year ended December 31, 2007.

Total operating expenses for the quarter ended December 31, 2008, were $13.4 million compared with $10.4 million for the quarter ended December 31, 2007. Total operating expenses were $49.2 million for the year ended December 31, 2008, compared with $35.4 million for the year ended December 31, 2007.

Research and development (R&D) expenses were $10.2 million for the quarter ended December 31, 2008, compared with $7.0 million for the quarter ended December 31, 2007. R&D expenses were $34.7 million for the year ended December 31, 2008, compared with $23.4 million for the year ended December 31, 2007.

General and administrative (G&A) expenses were $3.2 million for the quarter ended December 31, 2008, compared with $3.5 million for the quarter ended December 31, 2007. G&A expenses were $14.4 million for the year ended December 31, 2008, compared with $12.1 million for the year ended December 31, 2007.

Cash and investment securities as of December 31, 2008, were $72.8 million, compared with $92.6 million at December 31, 2007. Taking into account the $17.9 million minimum unrestricted cash that the Company is required to maintain under its loan facility with GE Healthcare Financial Services and Silicon Valley Bank and the Company's projected operating results, the Company believes that its existing cash and investment securities will provide adequate resources to fund the Company's operations at least into the first quarter of 2010. However, given the uncertainties of outcomes of the Company's ongoing clinical trials, there is no assurance that the Company can achieve its projected operating results. Accordingly, the report of the Company's independent registered public
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SOURCE Poniard Pharmaceuticals, Inc.
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